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4A Wichita Falls Economic Development Minutes - 08/27/2026 MINUTES OF THE WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION AUGUST 27, 2026 PRESENT: Leo Lane, President § WFEDC Members David Toogood, Vice President § Brent Hillery § Reno Gustafson § Craig Lewis § Tom Taylor, District 5 Councilor § Mayor & Councilors Austin Cobb, At Large Councilor § Paul Menzies, Assistant City Manager § City Administration Blake Jurecek, Assistant City Manager § Kinley Hegglund, City Attorney § Stephen Calvert, CFO/Director of Finance § Chris Horgen, PIO § Kevin Scanlan, Exec. Legal Asst./ § Recording Sec. Moriah Williams § Forward Wichita Falls Vicky Pratt § Forward Wichita Falls Isha Howerton § Forward Wichita Falls Lauren Williams § Forward Wichita Falls Kirk Peterson § Forward Wichita Falls Loftin Davoult § Forward Wichita Falls § Citizens - Matt Murphy § Howmet Aerospace Ben Squires § Howmet Aerospace Lynn Walker § Times Record News Leanne Haines § Dr. Andrea Davis § I The Lalani Center, MSU WFEDC MINUTES 08/27/2026 PAGE 1 OF 8 1. Call to Order. The meeting was held, as posted, at the Clarence W. Muehlberger Travel Center at 306 Scott Street. Mr. Leo Lane called the meeting to order at 1:30 p.m. Quorum was present. Mr. Hillary arrived shortly after the meeting started. 2. Consent Agenda. a. Approval of Minutes(June 18, 2026) Mr. Lane opened the floor for comments or corrections on the minutes from the June 18, 2026, meeting. No comments or corrections were requested. Mr. Lane asked for public comments. All members indicated their approval of the minutes. b. Financial Report Mr. Lane then moved to the Financial Report and requested comments or questions. Mr. Toogood moved to approve the minutes as presented. Mr. Gustafson seconded the motion. With no further comments from the Board or the public, the motion passed unanimously. 3. Discussion and possible action related to the proposed incentive package for Howmet Aerospace. Moriah Williams of Forward Wichita Falls provided background on Howmet's 50- year history in Wichita Falls and introduced the planned expansion at the Wichita Falls Howmet facility and the incentive package. She provided detail on the$70 million investment that Howmet is making at the Wichita Falls facility. It will add approximately 100,000 square feet to the facility and add 230 new positions with an average annual salary of$72,000. The 230 new positions represent $16.5 million in payroll and will bring the local Howmet workforce from 900 employees to 1130. The project will allow them to diversify into the gas turbine market and they have contracts in place for the expanded facility. Ms. Williams introduced Matt Murphy from the local Howmet facility and Ben Squires from the corporate office. Mr. Lane invited the Howmet representatives to speak. Mr. Murphy introduced himself and described his local roots growing up in Wichita Falls and attending Burkburnett High School and MSU. He provided more detail about Howmet and its product lines and areas served. He briefly described the expansion and the related jobs growth and mentioned the Howmet Foundation and its work with MSU, its support for STEM projects with WFISD and its support of the Riverbend Nature Center. Mr. Hillary asked about the employee count at the present time and the cyclical nature of the industry. Mr. Murphy explained that prior to Covid, the local facility employed just over 1100 employees and that after the Covid cutbacks, they have been growing and are currently over 900 employees and expect to be at 1,000 employees by the end of the year. Ms. Williams provided details on the request and their recommendation. The request has three parts. First is a forgivable loan in an amount not to exceed $3.5 million, paid 50% WFEDC MINUTES 08/27/2026 PAGE 2 OF 8 up front and 50% in year two after providing proof of construction and equipment purchases. The loan is to be forgiven over 6 consecutive years while creating 230 new full-time positions. The forgiveness amounts to $900 per position. The second part is a cash for jobs incentive in the amount of$1.725 million paid out at $7,500 per new fulltime employee position created up to 230 full time jobs. The incentive is to be performance based and only paid out as those employees qualify by being employed for six months and providing documentation of their hire date and continued employment. The third incentive is a reimbursement for fees and permit expenses relating to the upcoming expansion in an amount not to exceed $50,000, to be paid upon presentment of receipts indicating that the fees and expenses have been paid. Mr. Lane asked for questions from the Board and commented that it is important to note the materials in the packet that show the return on investment on these types of projects. In this case the City will recover its investment in 2'/2 years and that this investment will continue to pay off for many years in the form of taxes to the City, County and the school district all to the benefit of the citizens of Wichita Falls. 4. A. Discussion and possible action related to third party funding request for fiscal year 2027 from Idea WF. Mr. Lane welcomed Dr. DeAndrea Davis from the Lalani Center for Entrepreneurship and Free Enterprise. Dr. Davis thanked the Board for its continued support of the program. She noted that the materials provided this year were more detailed than in the past as she wanted to pass on more information about what has been done in the past and changes, they are planning for the future. They looked at program salaries and determined that it was possible to reduce salary expense and then reinvest that money elsewhere in Idea WF. They want to get people to begin thinking of the program as more than just a competition. The goal is to help small businesses not only get a jump start but to become sustainable for years to come. The excess money is being reinvested into programs that promote and grow the entrepreneurs so they have a stronger start as they move forward. The new line in the budget is strategic programming and that represents these monies. Dr. Davis provided an update on the current program. Of the 15 businesses, 7 were new innovative ideas and 3 were in business between 2 and 3 years. She then provided a timeline of this year's program dates with the final winner to be announced on October 4, 2026. She noted that the $50,000 request this year was for the same amount as in years past and invited questions from the Board. She agreed with the board comment that it appeared that the program had more mature businesses involved than in the past. She stated that this was noted in their internal improvement review. As a result, the judging criteria has been changed to make sure that a greater emphasis was placed on being new and innovative. Mr. Toogood commented that it is often difficult for the Board to assist in local small business because they do not usually fall into the categories that are approved for direct investment by a 4A board. Programs like Idea WF are one of the few ways that the Board can help support local small businesses. He further supported the changes to focus on newer companies and invited Dr. Davis to bring forth to the Board other ways that they can be supportive of local small businesses. Mr. Lane agreed. WFEDC MINUTES 08/27/2026 PAGE 3 OF 8 B. Discussion and possible action related to third party funding request for fiscal year 2027 from Forward Wichita Falls Moriah Williams presented the funding request for Forward Wichita Falls. She noted it is the one time each year where they can discuss the daily operations of Forward Wichita Falls and what is actually done with the money provided by the Board. Each month various projects are brought to the board,but only at this time do we discuss all the work that happens behind the scenes on those projects. Ms. Williams began with a presentation of Forward Wichita Falls' financials. These figures are straight from Forward Wichita Falls' CFO and show exactly what was done with the money the Board provided for the past year. The figures show that they received about $2 million in revenue from the Board and that they had about $1.5 million in expenses. All unspent revenue, about$400,000 will be returned to the Board when Forward Wichita Falls' 2026 books are closed. Ms. Williams stated that each dollar that comes to Forward Wichita Falls is actually money invested in Wichita Falls and that for every dollar received there is a benefit to Wichita Falls of$5,981. This last year, Forward Wichita Falls announced $12.1 billion in local capital investment and over 1200 jobs which equals approximately $120.1 million in payroll impact for Wichita Falls. Ms. Williams stressed their focus on building relationships before there is an actual project or opportunity. There are currently 50 opportunities in the pipeline. They are focused on advanced manufacturing, aerospace and especially the defense industry. She stressed that economic development is not just attracting new companies. It is also taking care of existing Wichita Falls area businesses. In the last year they have had 72 industrial impacts, and she provided details about how services to existing companies is a key part of economic development. Ms. Williams discussed the trip to Washington D.C. to meet with various representatives, senators and military leadership to discuss among other things Wichita Falls understanding of the importance of SAFB, the mission at Sheppard and to show that we are willing to fight for it. They also work to meet the needs of the local military community. This year they will be focusing on specific local needs like child care and housing issues. Ms. Williams then moved on to discuss the University Town Center project. She indicated that it is the most visible example of the Board's leadership and willingness to do difficult projects when it is the right thing to do for the citizens of Wichita Falls. She detailed the history of the acquisition and the steps taken to move the project forward through its transformational redevelopment to create lasting value for the citizens of Wichita Falls. She then detailed the studies and strategic planning that was set for next year regarding new development in the downtown area and providing support for downtown businesses and encouraging private investment in the downtown area. Ms. Williams stated that they were moving forward with the business community, education providers, government partners and regional stakeholders as well as continuing advocacy for SAFB and those that call Wichita Falls home. They were working on building the workforce infrastructure and other assets that will determine if Wichita Falls is WFEDC MINUTES 08/27/2026 PAGE 4 OF 8 competitive 10 —20 years from now. Specifically, she detailed how they made sure that the Skybox project was in the right place with the right resources and that the local resources were protected. She discussed how Amazon came in with 135,000 square feet and a plan for 100 jobs but now has 450 employees and are discussing an expansion. Ms. Williams also discussed Forward Wichita Falls' role in assuring compliance with the terms of Board agreements. This includes meeting with the participants and obtaining documentation to prove that the terms of the agreements are being met. She noted that over the last 2 years about $500,000 was returned to the Board as a result of non-compliance and also how Forward Wichita Falls works with companies to help them get into compliance when there are issues. Forward Wichita Falls is requesting $2,045,000 in funding. The amount is $137,000 over last year and most of that is related to studies regarding the new business park which are budgeted at$150,000. She stated that some of the military quality of life programs have been shifted to the Chamber of Commerce as it fits in better with their mission. Mr. Lane thanked Ms. Williams for the report and commented that it was excellent and that he can see the changes brought to Wichita Falls as a result of the work done by Forward Wichita Falls. Ms. Williams responded to a question concerning cash reserves with the return of the unspent funds by noting that the new fiscal year budget starts before the final close out of the previous year, so they are not left without funds. She further addressed why there was unspent money and credited it to becoming better at maximizing marketing dollars and other expenses. As an example, she mentioned using an already planned trip to reach more companies by researching other possible meetings and speaking opportunities in the same area. They have also reduced overhead expenses and used fundraising to offset certain event expenses. Mr. Lane asked for further questions from the Board and then from the citizens. Ms. Williams addressed a question about downtown development and explained that plans were being prepared for downtown development. Further, that the 4B Sales Tax Corporation handled those types of projects and that Forward Wichita Falls was seeking funding specifically for downtown development funds. Another citizen commented that the presentation was impressive and that it is good to hear these things when there is so much negative talk. 5. Discussion and possible action to approve the Corporation's fiscal year 2027 budget Mr. Menzies presented the budget and started by commenting that the budget document is one of the best he has seen in the state because of the information it provides. It does not just provide numbers, but also shows the projects and indicates where the Board was last year, where it is now and where it will be next year. The budget, if approved today, would go before council on September 15, 2026. He stated that the main revenue for the Board was the quarter-cent sales tax which is doing well and is trending double digits ahead of last year. The budget for sales tax revenue next year is just under $6 million. The interest income adds approximately $1 million for a total revenue figure for FY2027 of about $7 million. WFEDC MINUTES 08/27/2026 PAGF 5 OF 8 The current bottom line is $25 million but on October 1 all of the upcoming year's encumbrances will be deducted lowering that number to $21.5 million. The projects for the year are deducted on October 1, but the revenue is not booked until it is received throughout the year. The real number for the FY2027 is the $21.5 million figure combined with the $7 million in revenue. The figures in the packet used last year's numbers for both the Idea WF and Forward Wichita Falls funding requests, as the detailed requests for this year were not yet received. Depending on what the Board approves, those numbers may change. Mr. Lane asked about cash coming back from Skybox and was told that it would be coming soon. A short discussion was held concerning the end of the maintenance fees and expenses for the current business park and how after the sale of the last 18 acres, the owners would then pick up the costs for maintaining the park. Mr. Lane asked for questions from the citizens and there were none. Executive Session. Mr. Lane adjourned the meeting into executive session at 2:26 p.m. pursuant to Texas Government Code § 551.087. Mr. Lane announced the meeting back into regular session at 3:01 p.m. The subjects posted in the Notice of Meeting were deliberated, and no votes or further actions were taken on the items in executive session. 6. Motions Mr. Toogood made a motion to authorize a forgivable loan not to exceed$3.5 million paid out at a rate of 50% upfront and 50% in year two, upon proof of construction and equipment purchases, forgiven over six consecutive years, for the creation of 230 new full time positions paid at an average salary, with benefits, of$72,000 per year and retaining all 900 existing positions forgiven at the rate of$900 per position; and to authorize a cash for jobs incentive not to exceed $1,725,000 paid out at$7,500 per new position created up to 230 new full time positions to be paid once documentation has been provided that employee has been employed full time for a minimum period of at least 6 months; and authorize a reimbursement of fees and permit expenses incentive in an amount not to exceed $50,000 to be paid out once the documentation has been submitted to WFEDC for review. The motion was seconded by Brent Hillary. Mr. Lane called for comments from the Board and from the citizens. No further comments were received and the motion passed unanimously. Agenda Items 4 and 5 were combined for the purpose of approval. Mr. Hillary moved to approve the funding requests and budgets of Idea W.F., Forward Wichita Falls and the Wichita Falls Economic Development Corporation as submitted. The motion was seconded by Reno Gustafson. There were no further comments from the board or the citizens and the motion passed unanimously. WFEDC MINUTES 08/27/2026 PAGE 6 OF 8 Mr. Toogood stated that he had a scheduling conflict and would not be able to attend the next meeting. Since this would be his last Board meeting, he wanted to make a short statement. Mr. Toogood then provided the following statement. "Because I will be unable to attend our September meeting, this will be my final meeting as a member of the Wichita Falls Economic Development Corporation. My third term expires on September 30th, bringing to a close nine years of service that began in 2017. It has been an honor to serve the people of Wichita Falls. I am grateful for the opportunity, and I have greatly enjoyed working alongside this board, city leadership, and our partners at Forward Wichita Falls to help move our community forward. Over the last nine years, I have learned a great deal about economic development. I learned that success is not simply about attracting businesses. It is about balancing opportunity and risk,taking chances when appropriate,and protecting public funds for when things do not go according to plan. I also learned that public trust is every bit as important as the projects themselves.When I joined this board,Wichita Falls was still living with the memories of economic development projects that had not met expectations. In some cases, significant public investments had been made, businesses struggled or failed, and the City was unable to fully recover its investment because the clawback provisions were not practical or enforceable. Those disappointments left many citizens skeptical, and rightfully so. One of the things I am most proud of is that this board made a conscious effort not to repeat those mistakes. We continued to pursue opportunities, but we did so with stronger protections,better due diligence,and meaningful clawbacks that could actually be enforced if needed. Over my three terms,this board helped support projects involving Amazon,Clayton Homes,Eagle Rail, Howmet, Magic Aire, NUCO Controls, O'Reilly Hospitality, Pamlico Air, Panda Biotech, Pratt & Whitney, Regal Rexnord, Sealed Air, Vitro, WinField Solutions, and numerous projects supporting Sheppard Air Force Base...just to name a few. Not every project followed its original plan, and not every business is still operating today. Yet I still consider those efforts successes because, when companies failed to meet their commitments, the EDC successfully recovered public funds through the protections we put in place. That may not sound exciting, but protecting taxpayer dollars is one of the most important responsibilities we have. Collectively, these projects created jobs, generated investment, strengthened existing employers, improved Sheppard Air Force Base, and helped make Wichita Falls a stronger community. Looking forward, I believe the proposed Skybox data center has the potential to be one of the most significant economic development projects in our city's history. The permanent jobs and construction activity are important, but the real significance is the potential long-term impact on Wichita Falls'tax base and financial future. If the projections ultimately become reality, this project could reshape our community for generations. For that reason, I do not view Skybox as simply another economic development project. I believe it be longs in the same category as the arrival of Sheppard Air Force Base and could ultimately prove just as transformative. As a board,we have worked diligently to approve the right partner. We have focused on protecting our water resources, protecting our land, limiting noise, and ensuring necessary infrastructure investments are made. But our work does not end when an agreement is signed. As these projects move forward, Wichita Falls must proactively address issues such as housing pressures, increased traffic,workforce demands,and other temporary impacts that often accompany major construction activity. These are real issues that will impact real people. If we do that successfully,the long-term benefits can be enormous. WFEDC MINUTES 08/27/2026 PAGE 70F8 One area where I believe we can improve is communication with the public. Transparency is essential to maintaining trust. While our meetings are open and publicly posted, I believe the EDC and City can do a better job making project information easily available and understandable. Perhaps an EDC webpage would be helpful.Today,our community is flooded with misinformation, particularly regarding data centers. Some information is simply wrong. Some is technically true but presented without context.And sometimes important information simply is not easy for the public to find.I believe many concerns would be reduced if we did a better job proactively communicating facts,project details,restrictions, incentives, and expectations through channels people actually use. Getting accurate information into the hands of citizens should be a priority. Finally, I would offer one challenge to the future members of this board. If projects like Skybox achieve the impact, we believe they can, then the EDC should not simply continue business as usual. A transformational project should lead to transformational thinking. Everything should be on the table. Be innovative. Reexamine priorities. Look for new ways to strengthen the workforce,support existing businesses, improve quality of life,and position Wichita Falls for long-term success. Above all else, continue serving the people of this community. The EDC exists to improve the future of Wichita Falls, and every decision should be measured against that simple standard. As I conclude my service,I leave optimistic about where this city is headed. I am proud of the work this board has accomplished. We learned from past mistakes, strengthened protections for public funds, supported meaningful economic growth, and helped position Wichita Falls for what may be the most significant period of economic opportunity in its history. Thank you for the privilege of serving the people of Wichita Falls. It has truly been an honor." 7. Adjourned. Mr. Lane asked if there were any questions or comments from the public. Since there were none, he adjourned the meeting at 3:12 p.m. rent H ery Wichita Falls Economic Development Corporation WFEDC MINUTES 08/27/2026 PAGE 8 OF 8